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Seventh District Year in Review for 2024: Economic Growth Slowed to Near Average
Abstract: In 2024, economic growth slowed for both the United States and the Seventh Federal Reserve District, with growth rates having come in close to their respective ten-year averages.1 District employment continued to grow more slowly than national employment overall, and this was partly due to slower growth rates for the District in the education and health services sector and the manufacturing sector. One bright spot for District employment was the public sector: Employment in the public sector grew faster than in the private sector, making up for several years of relatively slow job gains during the recovery from the Covid-19 pandemic. For 2025, Federal Open Market Committee (FOMC) participants project U.S. growth will continue to slow, but not by much.
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Provider: Federal Reserve Bank of Chicago
Publication Date: 2025-02